Ola, India’s local rival to Uber, has seen its valuation jump to nearly $6 billion as it prepares to take in a large round of financing.

The ride-hailing firm, which was founded in 2010, has raised around $3.3 billion from investors to date, and it topped that up a little this week. Ola pulled in 520 crore (around $75 million) from existing investor Steadview Capital, according to filings provided to TechCrunch by business signals platform paper.vc. The paperwork indicates that Ola’s business is now valued at $5.7 billion.

While $75 million isn’t a huge investment for Ola, it is a clear milestone that kicks off a larger round, a source within the company told TechCrunch. Fundraising is typically not as cut and dry as it may appear in the media with different tranches of rounds typically coming in and closing at different times. Oftentimes, existing investors are among the first to put in and that appears to be the case here.

There are certainly other clues to follow.

Another filing — also provided by paper.vc — shows that India’s Competition Commission approved a request for a Temasek-affiliated investment vehicle’s proposed acquisition of seven of Ola. In addition, SoftBank offered a term sheet for a prospective $1 billion investment last month, according to our source.